Multiple Streams of Income. What the heck is that? Well quick google search defines it that you have income from several different sources. If one source stops or is eliminated you can rely on another source. Sometimes it takes a while to establish your individual streams of income.
How many streams of income do millionaires have?
Tom Corley, author of "Rich Habits", studied the habits of millionaires during a five-year study of the rich and poor. Here's what he found as it pertains to most self-made millionaires and their income streams:
- 65% of self-made millionaires had three streams of income.
- 45% of self-made millionaires had four streams of income.
- 29% of self-made millionaires had five or more streams of income.
Having multiple streams of income is the same idea as diversifying your investment portfolio. When one income stream suffers, the others make up for it.
And if none of them are suffering? Well, then you're making a ton of money.